Fujiyama Power Systems files DRHP to raise funds via IPO
SEBI) to raise funds through an initial public offering (IPO).
The IPO includes a fresh issue of shares worth up to Rs 700 crore and an offer-for-sale (OFS) of 20 million shares by the promoters, Pawan Kumar Garg and Yogesh Dua, who will sell 10 million shares each. The offering also features a reserved portion for eligible employees, with a discount available under the employee reservation segment.
The company, in consultation with the BRLMS, may raise up to Rs 140 crore through a pre-IPO placement, subject to market conditions. If completed, the fresh issue size will be reduced accordingly.
The proceeds from the fresh issue will be utilised as follows: Rs 250 crore for establishing a manufacturing facility in Ratlam, Madhya Pradesh; Rs 300 crore for repaying outstanding borrowings; and the remainder for general corporate purposes.
The issue is being made through the book-building process, wherein not more than 50% is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders, respectively.
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